Had $25K in a Wells Fargo Savings Account for 5 Years? You Just Lost $5,000 in Interest
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Bad news, Wells Fargo members: You probably missed out on thousands of dollars in interest over the last five years.
Let me explain.
Wells Fargo's standard savings account pays just 0.01% APY. That means if you kept $25,000 in savings, you earned a whopping $2.50 a year.
Meanwhile, for the past few years, top high-yield savings accounts (HYSAs) have been offering APYs of 4.00% or higher. That means that same $25,000 could've been earning you $1,000 a year.
Here's how the math breaks down -- and what you can do about it today.
Hundreds or thousands more a year for switching
Let's say you kept $25,000 in savings with Wells Fargo over the last five years. With a 0.01% APY, you earned $12.50 in interest over half a decade -- enough to buy a Chipotle burrito.
Compare that to a high-yield savings account that offered 4.00% APY over that span. That same $25,000 would have earned you $1,000 a year, or $5,000 over five years.
This is a simplified example that doesn't account for compounding interest, fluctuating rates, or changes in your account balance. APYs were lower than 4.00% five years ago, but higher in late 2023 and 2024.
The point, though, is that over the years, high-yield savings accounts offer much better returns -- all without any work required once you make the switch.
Ready to leave Wells Fargo in the dust? Read our review of the CIT Platinum Savings account, where you can get up to 4.25%* APY on balances of $5,000 or more.
CIT Platinum Savings
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With the 6 month Boost limited-time offer, you earn 4.25%* APY on balances over $5,000 (balances less than $5,000 earn 0.75%* APY). After the boost is complete you will continue to earn standard rates -- 3.75% APY for balances over $5,000 (balances less than $5,000 earn 0.25% APY). The minimum to open a Platinum Savings account is $100. Member FDIC. No monthly service fees.
- Competitive APY
- No account opening or maintenance fees
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured
- Interest compounds daily so your money can grow a bit faster
- Balance requirement for maximum APY
- No branch access; online only
CIT Platinum Savings is a no-frills high-interest savings account that offers one of the highest APYs we've found available today -- as long as you can maintain a $5,000 minimum balance. Plus, customers can make an unlimited number of transfers and withdrawals each month (many savings accounts have monthly limits).
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of July 1, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 21, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
CIT General Disclosure
For complete list of account details and fees, see our Personal Account disclosures.
What you should keep in an HYSA -- and what you shouldn't
HYSAs are great for all sorts of savings, but it's not where you should keep all your money. Here's how to divvy it up:
What I use my HYSA for:
- Emergency fund: Cash you need can access quickly for unexpected expenses.
- Short-term savings: Vacations, home improvements, other big upcoming purchases.
- Any other in-between cash: Any money you're not planning on either 1) investing long-term or 2) spending soon.
What I don't use my HYSA for:
- Long-term investing: When you're saving for retirement, for example, an IRA is a much better fit.
- Everyday spending: Daily expenses are generally easier to manage with a checking account.
In short, an HYSA is the perfect place to earn more in interest while keeping total access to your money.
A simple change that can earn you thousands
Moving your money to an HYSA is easy as pie -- I did it a few months ago, and it took me less than half an hour. Here's what to do:
- Find an account you like. Look for one with a high APY, no account fees, and FDIC insurance up to $250,000.
- Open your new account. You'll just need to provide some basic info.
- Transfer your savings. Move your cash to your HYSA to start earning more immediately.
- Update automatic transfers. Move any automatic deposits and withdrawals to your new account.
- Close your old account. If you don't have any use for it, close your old account to avoid maintenance fees.
Once you switch, your savings will automatically start racking up interest. It's that simple.
Ready to earn hundreds or thousands more a year in interest? Check out our favorite high-yield savings accounts today.
Our Research Expert
Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.
Motley Fool Stock Disclosures
Wells Fargo is an advertising partner of Motley Fool Money. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.